Merchants Bancorp — Director's Dealing 2026

Jan 29, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2026-01-27

Reporting Person: Dunlap Michael J. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-01-27	Common Stock	A	20051.00	$0.00	Acquired	219962.00	Direct

Footnotes

F1: Unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vesting and shares are issued.

F2: Includes 70,795 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 25,413 vesting 2/1/2026; 25,160 vesting 2/1/2027; 13,538 vesting 2/1/2028; and 6,684 vesting 2/1/2029.